Assessee is entitled to depreciation on owned assets which were rented out to a third party for manufacturing purposes
Ignorance of material on record on part of ITAT is a mistake apparent on record; rectification was justified
Income Tax Search and Seizure: Understanding the gamut of Dumb Documents unearthed in an Income Tax Search and Seizure action
Validity of prosecution proceeding under section 276C(2) if return filed without payment of tax & Tax dues subsequently paid
Allowability of Exemption under section 10AA on Profits enhanced on account of addition under section 69C disallowing 25% of alleged unverifiable purchases
Settled legal position that statement recorded during the survey has no evidentiary value & survey party has no power to record the statement on oath reiterated.
Taxpayers Beneficial Judgment : No deposit made in capital gain account scheme but investment done within a period of three years